1. Opening Hook
Just when everyone declared Indian consumption “finally back” (again), Bajaj Consumer Care showed up with a quarter that screamed profit first, vibes later. Inflation cooled, rural woke up from its nap, and suddenly hair oil became the new defensive asset class.
Q3FY26 wasn’t about blockbuster launches or viral gimmicks—it was about squeezing margins like a coconut in Kerala. Revenue grew, profits doubled, and gross margins jumped so hard they need a seatbelt. International business, however, behaved like that unreliable cousin—late, inconsistent, and full of excuses.
Management sounded confident, media spends went brrr, and ADHO kept flexing. But behind the glossy slides, there’s a subtle story of pricing discipline, volume recovery still warming up, and overseas pain being politely ignored.
Stick around—this one gets interesting once the oil settles 😏
2. At a Glance
- Revenue up 32.7% – Turns out inflation + pricing can still do wonders.
- EBITDA up 109.5% – Margins entered beast mode.
- Gross Margin at 60% – Coconut prices bowed respectfully.
- PAT up 83.2% – Profits finally decided to show ambition.
- Ad spends +37% – Because what’s FMCG without shouting louder?
- International revenue -3% YoY – Global hair apparently needs therapy.
3. Management’s Key Commentary
“Consumption is coming back.”
(Translation: GDP slides were bullish, so let’s assume wallets will follow.) 😏
“Hair oil is a resilient category.”
(Translation: People may skip pizza, but oiling hair is sacred.)
“ADHO delivered double-digit volume growth.”
(Translation: One brand did the heavy lifting while others watched.)
“Gross margins expanded due to favorable input costs.”
(Translation: Copra prices saved the quarter.)
“Rural has made a comeback in Q3.”
(Translation: After two quarters of sulking, villages remembered shampoo.)
“International business remains challenged.”
(Translation: Please don’t ask follow-ups on this.) 😬
“Distributor transition in KSA is behind us.”
(Translation: Hopefully. Fingers crossed.)
4. Numbers Decoded
| Metric | Q3 FY25 | Q3 FY26 | YoY |
|---|---|---|---|
| Revenue (₹ Cr) | 230.7 | 306.1 | +32.7% |
| Gross Margin | 52.0% | 60.0% | +800 bps |
| EBITDA (₹ Cr) | 27.2 | 56.9 | +109.5% |
| EBITDA Margin | 11.8% | 18.6% | +680 bps |
| PAT (₹ Cr) | 25.3 | 46.4 | +83.2% |
Decode: Costs fell faster than hair during winter. Volumes helped, pricing helped more.
5. Analyst Questions
- Q:
